Tariffs weigh as U.S. growth holds, Europe steadies:

                                                   Source: Krish Capital Pty Ltd

Index Update: The FTSE 100 index, a key benchmark index for the London stock exchange, went down around 0.38% on 26 September 2025.  

Macro Update: Britain’s business and economic outlook showed both progress and challenges this week. HSBC, NatWest and Lloyds advanced pilots for tokenised deposits, backing the BoE’s preference for blockchain over stablecoins. PM Keir Starmer confirmed a mandatory digital ID scheme for new employees to curb illegal immigration, though critics called it ineffective and intrusive. Amazon announced the closure of all 19 UK Fresh stores, reflecting the tough grocery market. BP pushed back its forecast for peak oil demand to 2030, citing slower efficiency gains, while retailers reported a 12th straight month of falling sales in September and bleak expectations for October, weighed down by weak demand, tariffs and budget uncertainty. 

Top Market Movers: Among top gainers on FTSE 100 index, INTERCONTINENTAL HOTELS GROUP PLC (LSE: IHG) witnessed a rise of 2.99% followed by NATWEST GROUP PLC (LSE: NWG) which gained around 2.10%. 

Commodity Update: The dollar held firm Friday after upbeat U.S. data reduced expectations of further Fed easing this year. Gold slipped 0.02% to $3,770.50, while silver eased 0.19% to $45.03. Copper gained 0.17% to $10,281.05. Brent crude rose 0.20% to $69.57, set for its sharpest weekly advance since early June, as Ukraine’s strikes on Russia’s energy assets prompted Moscow to curb fuel exports and signal potential crude output cuts. 

Our Stance: Global markets digested a mix of resilience and risk as President Trump unveiled sweeping new tariffs, including 100% duties on branded drugs and 25% levies on heavy-duty trucks, sparking criticism from trading partners and adding to concerns over inflation and global growth. While U.S. Q2 GDP was revised higher on strong consumer spending and AI-driven business investment, momentum is beginning to slow as trade frictions bite. Jobless claims fell, underscoring labor market tightness, but equities in the U.S. closed lower amid uncertainty on Fed rate cuts. In contrast, European stocks rose, led by industrials and financials, while the dollar held firm near multi-week highs against major currencies, reflecting investor caution ahead of key inflation data. 

FTSE 100 

The FTSE traded at 9,249.32, up 0.22%, holding firm above key support at 8,900 and the 50-day SMA at 9,179.26. It remains slightly above the 21-day SMA at 9,222.06, signaling limited upside momentum with room for consolidation. The RSI near the midpoint points to a neutral to mildly positive bias. Immediate support is placed at 8,950, while resistance levels are seen at 9,500 and 9,800. 

Source - EODHD/Others